The Financial Express

Thrust on jt efforts for speedy dispute resolution

6th anniv of BIAC

| Updated: October 18, 2017 09:48:09

Thrust on jt efforts for speedy dispute resolution

Minister for Law, Justice & Parliamentary Affairs Anisul Huq, MP, Governor of Bangladesh Bank Fazle Kabir, Bangladesh Investment Development Authority (BIDA) Executive Chairman Kazi M. Aminul Islam, BIAC Chairman Mahbubur Rahman, Managing Director & CEO of Transcom Limited Latifur Rahman, MCCI President Nihad Kabir and CEO of BIAC Muhammad A. (Rumee) Ali are seen, among others, at the BIAC's 6th anniversary seminar on "Doing Business Index: ADR in Effective Enforcement of Contracts" Saturday.

Bangladesh International Arbitration Centre (BIAC), country's lone Alternative Dispute Resolution (ADR) institution, has stepped into its 7th year of functioning.

As part of its 6th anniversary celebration, BIAC held a seminar on "Doing Business Index: ADR in Effective Enforcement of Contracts" Saturday at the Pan Pacific Sonargaon, Dhaka, said a statement.

The seminar was presided over by Mahbubur Rahman, Chairman BIAC.

Anisul Huq, MP, Minister for Law, Justice & Parliamentary Affairs was the chief guest in the event.

The minister assured of launching joint efforts of the Government and BIAC to create a congenial atmosphere for speedy dispute resolution, and the Government has taken a decision in principle to incorporate appropriate clauses for arbitration and mediation in all Government contracts.

The ministry will initiate a proposal soon in this regard, Mr Anisul Huq, MP said.

Mr. Fazle Kabir, Governor of Bangladesh Bank and Mr. Kazi M. Aminul Islam, Executive Chairman of  Bangladesh Investment Development Authority (BIDA) were present as special guests on this occasion.

Mr. Chou Sean Yu, Chairman of Chartered Institute of Arbitrators (CIArb) Singapore, one of the foreign speakers in the programme shared his experience on the practice and implementation of international arbitration in Singapore and in the region.

Mr. Anil Xavier, President of the India Institute of Arbitration and Mediation (IIAM), another foreign speaker highlighted the importance of ADR in resolving commercial disputes.

Both the speakers emphasised on the growing need for an ADR institution in Bangladesh to cater to cross-border commercial disputes given the increasing foreign investor interest in Bangladesh and they praised BIAC's role in meeting this need.

Mr. Mohammad Shahidul Haque, Senior Secretary, Legislative & Parliamentary Affairs Division, Barrister Nihad Kabir, President of the Metropolitan Chamber of Commerce & Industry, Dhaka (MCCI), Managing Director and CEO of the City Bank Limited, Mr. Sohail R.K. Hossain, Barrister Ajmalul Hossain QC, Mr. M. Masrur Reaz, Senior Economist, IFC, World Bank Group and Ms. Nina Mocheva, Senior Financial Sector Specialist, Debt Resolution & Insolvency, World Bank Group were present as panelists.

Mr. Muhammad A. (Rumee) Ali, CEO of BIAC started the session with a welcoming note.

Former chief justices and justices, diplomats, senior lawyers, senior government officials, managing directors of banks, distinguished business leaders and prominent businessmen, country representatives of international organisations and media personalities also participated at the seminar.

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